Abuja - Central Bank of Nigeria, CBN, has sold $500 million at the bi-weekly foreign exchange auction to forestall depreciation of the naira, Vanguard reports.
The amount sold represents 66 percent increase when compared to $300 million sold per previous foreign exchange auctions. The increase represents a strong signal from the apex bank about its determination to stabilise the naira.
However, despite this increase, the naira depreciated by 10 kobo at the inter-bank foreign exchange market yesterday.
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